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News » Dubai, South Korea sign MoU to strengthen tech collaboration

Dubai, South Korea sign MoU to strengthen tech collaboration

Dubai, South Korea sign MoU

DUBAI, UNITED ARAB EMIRATES — Dubai Internet City and Korea’s National IT Industry Promotion Agency (NIPA) signed a strategic memorandum of understanding (MoU) to accelerate innovation and strengthen the global technology landscape.

The MoU was inked during the GITEX Global Technology event in Dubai, where NIPA President Sung-Wook Hur met with senior Dubai Internet City officials. It aims to foster collaboration between Korean companies and Dubai’s thriving tech hub.

Under the MoU, NIPA will provide industry data and insights to facilitate the entry of Korean firms into Dubai Internet City and access its network of over 4,500 tech firms and startups.

The UAE is South Korea’s second-largest Arab trading partner, with bilateral non-oil trade hitting $3 billion in H1 2023. This year, the UAE announced plans to invest $30 billion in South Korean sectors to expand economic ties.

Commenting on the MoU, Dubai Internet City’s Ammar Al Malik said it “will undoubtedly create [a] lasting impact and drive growth for Korean technology companies in Dubai, the region, and globally.”

The agreement aligns with Dubai’s innovation-focused D33 economic plan. Dubai Internet City has been instrumental to the emirate’s digital transformation for over 20 years. It hosts several companies, including 339 IT service and 72 consultancy firms, to highlight how it’s connected to outsourcing.

With Korea boasting advanced technological capabilities and Dubai’s enabling ecosystem, the partnership is set to accelerate the development of emerging technologies. It promises to unlock synergies and growth opportunities for tech companies from both nations.

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